- ENA price gains 3.26% after 9-day downtrend, signaling a potential trend reversal.
- TD Sequential prints “9” as ENA holds the key $0.62–$0.65 support zone.
- Trading volume jumps 148.59% to $4.29B, open interest rises 17.21% to $1.49B.
ENA Price bulls are using the opportunity to defend an important support level at $0.62 after nine consecutive days of downside. A TD Sequential 9 signal has now formed in the daily chart, which many traders take as an indicator of the exhaustion of the trend. Now with price gaining a little and volume increasing, it is only a matter of time before people will decide whether this is the start of a short-term recuperation process or a simple break in the decline.
ENA Price Technical Indicators Point to a Potential Bounce
Since approximately August 11, the ENA price has seen a decreasing tread, determining the overall ascendance of lower highs and lower lows. A decline has persisted over the past nine consecutive day candles. As shown on the chart published by Ali_charts, a TD Sequential 9 count is now in the picture, which is typically associated with trend exhaustion.
The TD Sequential is often used by traders to determine when the momentum may be declining. A counting of 9 would generally be the end of a sell setup. This tendency when it is close to a historical support zone can often cause a price reaction. ENA price is currently trading at $0.6492_ena price, up 3.26% from the latest candle.
This latest ascent is pushing against an earlier range of stability between $0.62 and $0.65, last seen during the period of August 15 to 16. The move back into this area could be an indication that the buyers are finally trying to take a stand at this level, at least temporarily.
Source: Ali Chart/X
Despite the bullish signs in recent price action, significant resistance is overhead. The area around $0.66 to $0.68 has been a resistance previously, and a close above this area would be required to validate a directional change.
In case the price does not close above this resistance, the wider trend could remain loss-making. The traders are also eyeing the $0.62 support level. A lower close will push ENA to threaten the $0.60 mark or even below this zone.
Source: CoinGlass
The volume has moved up by 148.59% to $4.29 billion and the open interest by 17.21% to $1.49 billion respectively. These shifts indicate that market participation is increasing at this phase of the pricing, which may affect short-term direction.
Although the wider picture is still on the downside, the emergence of the TD Sequential indicator alongside the breakage of the $0.62 support zone provides traders with an additional technical reason to pay more attention to ENA in the near future.
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